BuyBitcoin.WS
Short

Warning! Touch of 215-223 Area for a 4th Time can trigger Doom

BITFINEX:BTCUSD   Bitcoin / Dollar
As you see on this chart (zoom out necessary), Bitcoin has a repetitive history with triple bottoms which entails a 4th touch of death when it touches a 4th time. This happened at least 5 times in the past (see squares and red ribbon). Chances that this happens again now are extremely high. Any weakness below 223-215 will reactivate this doom scenario with a washout ranging between $100 to $150 drops.

4th touch of the purple trend line - drop targets:
1st target: $180-191 area
2nd target - June 2015: $123-108 per bitcoin (best area to buy in - highly likely to be reached)
Further drop $68-$75

Theory:
I believe mass consumer adoption in Bitcoin will only happen at 2-digits around $68 to $100 area. Also although we are seeing lots of money/investments coming into Bitcoin startups and firms like Coinbase, Circle; the chances are that those millions of USD will in little part be invested in the infrastructure to get a consumer friendly product that will attract more users to Bitcoin and a small amount will be invested on buying Bitcoin at the current 3-digits prices. But definitely Wallstreeters and the millions in investment will only be reserved for the 2-digits. The question remains, why buy bitcoin at 3 digits while you can get them cheaper at 2 digits?
BuyBitcoin.WS
2 years ago
some updates with some possible scenarios for the bulls:

snapshot
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BuyBitcoin.WS
2 years ago
210-221 area will be revisited in the incoming days, initially it will provide support.
But history showed that the 4th time that support will fail after 227-230 area turns into resistance, hence a highly volatile crash will take BTC to new lows.

snapshot
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